Otherwise known as Marketplace scams, buying and selling scams are on the rise due to the ease in which scammers can set up fake profiles and advertise products and services that do not exist.
We're here to help you identify this common scam type and avoid being a victim.
Remember, when funds are transferred due to a scam, the likelihood of the money being recovered is minimal. You may come across many different products and services being promoted on marketplace platforms such as Facebook, Instagram, Gumtree and more.
Here are some tips to consider when you are buying or selling:
- Make sure you research the buyer or seller, including any reviews they have on their profile.
- Review any Terms and Conditions on refunds and exchanges available – check the fine print!
- Carefully read the product description.
- Research the item you’re buying or selling – what is the average price? If the advertised cost sounds unrealistic, this should be a red flag.
- As much as possible, only make any financial transactions after viewing the item in person.
- Exercise extra caution if a seller is asking you pay through obscure payment
channels such as cryptocurrency or gift cards. - Be wary of possible AI generated images and advertising.
- Never give the buyer or seller your private identity details such as drivers licence, passport or banking information (including SMS codes).
PayID Scam
PayID scams are a variation on traditional buying and selling scams. In these instances, you may receive an email claiming that you need to upgrade your PayID account to receive funds for a sale. Watch for the sending email, it may look similar to a normal PayID support team (such as "payidsupport@gmail.com") but will not be a legitimate sender.
Once this is completed, you may then be advised that you have received an overpayment on your item and a refund from you is required to the buyer.
If you have any doubts about the legitimacy of these emails or any advertised
products or services, please contact us before you make any payments.
More about fraud and scams
Get to know the different types of scams and how to protect yourself. Visit our Fraud and Scams hub and always remember - if it's too good to be true, it probably is.